To meet the demand for RMB business in Macau and as approved by the State Council, the People s Bank of China (PBC) decided to provide RMB position squaring and clearing for banks in Macau for a wider range of transactions, and is hereby making the following announcement:
1.The RMB clearing bank in Macau is authorized to clear cheques written by Macau residents. Macau residents may use RMB cheques to pay for consumption in Guangdong province within the limit of 50,000 yuan per account per day. The RMB cheques written for this purpose are non-transferable.
2.The RMB clearing bank in Macau may provide RMB/Pataca exchange and position squaring services for a wider range of RMB transactions as follows:
(1)The scope of designated merchants eligible for RMB business is expanded to include those engaged in communications, education services and conference and exhibition business in Macau.
(2)The cash limit for exchanging RMB by an individual is extended from 6,000 yuan or its equivalent per person per transaction to 20,000 yuan or its equivalent.
The above measures will be gradually implemented when technical arrangement is in place. The PBC will continue to facilitate economic growth, trade, investment and RMB transactions in Macau.
